Xoom

Xoom. Xoom is a digital money transfer service that allows users to send money to India, China, Mexico, and over 160 other countries, including Brazil, Canada, and Germany. Founded in 2001 by Kevin Hartz and Alan Chang, Xoom was acquired by PayPal in 2015 for $890 million, with Dan Schulman serving as the CEO of PayPal at the time. Xoom's services are similar to those of Western Union and MoneyGram, but with lower fees and more competitive exchange rates, making it a popular choice for users in United States, United Kingdom, and Australia.

● Introduction

Xoom's introduction to the market was marked by its innovative approach to online money transfer, allowing users to send money to Bank of America, Wells Fargo, and other banks in Mexico, Philippines, and India. With the rise of digital payment systems, Xoom expanded its services to include Google Pay, Apple Pay, and Samsung Pay, making it easier for users to send money to China, Japan, and South Korea. Xoom's platform is also integrated with Facebook, Twitter, and other social media platforms, allowing users to share their transactions with friends and family in France, Germany, and Italy. Xoom's services are available in multiple languages, including Spanish, Mandarin Chinese, and Arabic, making it accessible to users in Latin America, Asia, and the Middle East.

● History

Xoom's history dates back to 2001, when it was founded by Kevin Hartz and Alan Chang in San Francisco, California. Initially, the company focused on providing online money transfer services to Mexico and Philippines, but later expanded to include other countries, such as India, China, and Brazil. In 2013, Xoom went public with an initial public offering (IPO) on the Nasdaq stock exchange, with Morgan Stanley and J.P. Morgan serving as underwriters. Xoom's IPO was successful, with the company raising $101 million, and was listed on the S&P 600 index. In 2015, Xoom was acquired by PayPal for $890 million, with Dan Schulman serving as the CEO of PayPal at the time, and Scott Thompson serving as the CEO of Yahoo!.

● Features

Xoom's features include low fees, competitive exchange rates, and fast transaction processing, making it a popular choice for users in United States, United Kingdom, and Australia. Xoom's platform also includes a mobile app, available on iOS and Android, which allows users to send money on-the-go to Germany, France, and Italy. Xoom's services are also integrated with Amazon, eBay, and other online marketplaces, making it easy for users to send money to China, Japan, and South Korea. Xoom's platform is secure, with SSL encryption and Two-Factor Authentication (2FA) to protect user transactions, and is compliant with PCI-DSS and GDPR regulations.

● Models

Xoom's models include a variety of services, such as online money transfer, bill pay, and mobile reloads, which allow users to send money to India, Mexico, and other countries. Xoom's platform also includes a prepaid debit card service, which allows users to load funds onto a card and use it to make purchases in United States, Canada, and Europe. Xoom's services are also available through partnerships with banks, such as Bank of America and Wells Fargo, and credit unions, such as Navy Federal Credit Union and Alliant Credit Union.

● Reception

Xoom's reception has been positive, with users praising the company's low fees and competitive exchange rates, making it a popular choice for users in Latin America, Asia, and the Middle East. Xoom has also received positive reviews from Forbes, Bloomberg, and other financial publications, which have praised the company's innovative approach to online money transfer. Xoom has also been recognized as one of the Fastest-Growing Companies in North America by Deloitte, and has received awards from American Banker and Paybefore.

● Discontinuation

Xoom's discontinuation as a standalone brand was announced in 2020, with PayPal announcing plans to integrate Xoom's services into its own platform, and Dan Schulman serving as the CEO of PayPal at the time. The discontinuation of Xoom's brand was seen as a strategic move by PayPal to streamline its services and reduce costs, and was praised by Forbes and Bloomberg as a smart move. Xoom's services will continue to be available through PayPal's platform, with users able to send money to India, China, and other countries, and will be integrated with Venmo, Braintree, and other PayPal services. Category:Financial technology companies